New Delhi: SoftBank’s arm SB Energy is close to signing a pact to invest in a 500 megawatt solar power plant being developed by the Essel Group in Rajasthan, according to sources directly involved with the deal.

Essel Group is in early stages of developing a solar power park in Rajasthan with a total capacity of 750 MW. “This investment will help SoftBank fast forward its plan as it will have all the necessary infrastructure. This will reduce the time to build a plant from 12-15 months to less than six months,” an executive involved with the deal said.

SoftBank is bullish on the Indian solar energy space and has plans to invest $1 trillion in the sector. It has a presence here through SB Energy, its joint venture with Bharti Enterprises and Taiwan's Foxconn Technologies. In October, SoftBank chief Masayoshi Son offered to supply free electricity to India once the 25-year power purchase agreements of SB Energy came to an end. The company has urged the government in the past to offer bulk tenders for solar power plants so that it can expedite its plan to invest $1trillion here.

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The ongoing field development and EOR/IOR projects are expected to produce a cumulative of 54.6 million tonne (mt) of crude oil and 114 billion cubic meter (bcm) of natural gas in the next three to four years, the report said.